Business
VirTra Reports Second Quarter and First Half 2023 Financial Results
Record Quarterly and First Half Revenue of $10 Million and $20 Million, Up 29% and 38% Year-Over-Year, Respectively Quarterly Net Income Increases by $239,000
About this update from Virtra, Inc.
[{"type":"text","content":"Record Quarterly and First Half Revenue of $10 Million and $20 Million, Up 29% and 38% Year-Over-Year, Respectively Quarterly Net Income Increases by $239,000 to $1.0 Million CHANDLER, Ariz., Aug. 14, 2023 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement and military markets, reported results for the second quarter ended June 30, 2023. The financial statements are available on VirTra’s website and here. Second Quarter 2023 Financial Highlights: Total revenue increased 29% to a record $10.3 millionGross profit increased 25% to $5.9 million, or 57% of total revenueNet income increased by $0.2 million to $1.0 millionAdjusted EBITDA increased to $2.6 millionCash and cash equivalents of $13.3 million at June 30, 2023 Six Month 2023 Financial Highlights: Total revenue increased 38% to $20.4 millionGross profit increased 53% to $12.9 million, or 63% of total revenueNet income increased by $2.6 million to $4.0 millionAdjusted EBITDA increased to $6.5 million Second Quarter and Six Month 2023 Financial Highlights: For the Three Months Ended For the Six Months Ended All figures in millions, except per share dataJune 30, 2023June 30, 2022% Δ June 30, 2023June 30, 2022% Δ Total Revenue$10.3 $8.0 29% $20.4 $14.8 38% Gross Profit$5.9 $4.7 25% $12.9 $8.4 53% Gross Margin 57% 59%N/A 63% 57%N/A Net Income (Loss)$1.0 $0.8 N/A $4.0 $1.4 N/A Diluted EPS$0.09 $0.07 N/A $0.36 $0.13 N/A Adjusted EBITDA$2.56 $1.35 N/A $6.55 $2.34 N/A Management Commentary \"Led by record-breaking revenue in the double-digit millions during the first two quarters of 2023, we have achieved the best bottom-line results in our 30-year history,\" said Bob Ferris, chairman and co-CEO of VirTra. \"This exceptional financial performance is a testament to the effectiveness of our internal process improvements and streamlined operations. To further solidify our market leadership and expand revenue streams, we continue to actively pursue additional product and content development initiatives to enhance VirTra's already powerful training capabilities.\" John Givens, co-CEO of VirTra, added: \"Our topline results reflect the transformation we have made in fulfillment efficiency, which serves as a key indicator of our scaling abilities and our long-term o...